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Income Tax - Startups are of great significance for any economy as they are collectively one of the major emerging source of revenue and employment. Many governments from across the world have been going out of their way to facilitate the entrepreneurial dream. Even India took initiative to support startup dreams by means of its flagship Make in India...
Read MoreIncome Tax - The process of recognition as a ‘Start-up’ shall be through an online application made over the mobile app/ portal set up by the Department of Industrial Policy and Promotion. Entities will be required to submit the online application along with the Certificate of Incorporation/ Registration and other relevant details as may be sought...
Read MoreIncome Tax - Though well intentioned, the startup booster provisions of Section 80-IAC lacks commercial viability and therefore amendments made to S. 80-IAC won’t be able to yield desired results in terms of employment generation and wealth creation...
Read MoreIncome Tax - The eyes were all set in this budget also by Startup community what the Finance Minister will bring for them. However, there was not much to celebrate. Still, they didn’t go unnoticed. I have listed down budget proposals benefiting Startups....
Read MoreIncome Tax - Section 80-IAC of the Act, inter alia, provides that deduction under this section shall be available to an eligible start-up for three consecutive assessment years out of seven years at the option of the assessee...
Read MoreIncome Tax - The Finance Act, 2017 amended section 79 to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested and being an eligible start-up as referred to in section 80-IAC of the Act...
Read MoreIncome Tax - Through its Major Schemes, Department of Financial Services is ensuring financial inclusion, providing social security to the people as well as providing credit to various sections of the society. The major achievements of various schemes under the Department are highlighted below...
Read MoreIncome Tax - Start-up Initiative: a Fund of Funds of INR 10,000 Crores to Support Innovation Driven Start-Ups has been Established to be Managed by SIDBI...
Read MoreIncome Tax - Relaxations for companies, including start-ups have been provided through changes in various rules notified under Companies Act, 2013, and include following...
Read MoreIncome Tax - Startup India Portal and Mobile App: These have been launched as online platform for providing updates, information, recognition and eligibility certificates to Startups and other stakeholders...
Read MoreHCL Technologies BPO Services Ltd Vs ACIT (ITAT Delhi) - In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company ...
Read MoreNotification No. G.S.R. 364(E) - (11/04/2018) - pproval for the purposes of clause (viib) of sub-section (2) of section 56 of the Act -A Startup being a private limited company and in conformity with the definition as per definition stipulated at Para 1(a) shall be eligible to apply for approval for the purposes of clause (viib) of sub-section (2...
Read MoreF.No. 173/14/2018-ITA.I - (06/02/2018) - It has been decided that in case of 'Start Up' companies which fall within the definition given in Notification of DIPP, Min. of Commerce & Industry, in G.S.R. 501(E) dated 23.05.2017, if additions have been made by the Assessing Officer under section 56(2)(viib) of the Act after modifying/rejecting...
Read MoreNotification No. G.S.R. 501 (E) - (23/05/2017) - In order to obtain tax benefits, a Startup should – i. be a private limited company (as defined in the Companies Act, 2013) or a limited liability partnership (as defined under the Limited Liability Partnership Act, 2008) which is incorporated on or after the 1st day of April, 2016 but before the ...
Read MoreCircular No. CAIU/011/(34)2016/3806 - (16/05/2017) - For the first year of setting up of the Start-ups such establishments may not be inspected under any of the 6 Labour laws (viz. BoCW Act, ISMW Act, Payment of Gratuity Act, Contract Labour Act, EPF Act and ESI Act). These start-ups may be asked to submit an online self-declaration instead....
Read MoreA.P. (DIR Series) Circular No. 13 - (27/10/2016) - It is therefore decided, in consultation with the Government of India to permit AD Category-I banks to allow Startups to raise ECB under the following framework:...
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Notification No. G.S.R. 364(E) - (11/04/2018) -
F.No. 173/14/2018-ITA.I - (06/02/2018) -
